Lawrence Eagles
Lawrence Eagles
barrels crude fell impact looking million per positive releases stocks traders
Crude stocks fell by 0.749 million barrels per day, which disappointed some traders who were looking for the SPR releases to have a positive impact on inventories.
iraqi looking month
So we could be looking at at least a month without Iraqi oil.
reaction short term
in the short term we could see a knee-jerk reaction higher.
indeed obviously perspective quickly stocks strategic
It has to be put into perspective. We have strategic stocks which can obviously be used very quickly indeed if necessary.
band below cause itself mechanism price shown slump waiting
OPEC has shown itself to be market-savvy by recognizing that waiting for the price band mechanism to kick-in could cause a slump well below $22 a barrel,
agreeing cut discuss february january likely meeting paranoia time
OPEC has a paranoia with oversupply, ... This weekend's meeting is likely to see OPEC agreeing to meet some time in January or February to discuss a cut in supply.
agree feeling global impact net supplies
Our feeling is that OPEC will agree to the increase, but that the net impact on global supplies will be negligible.
caution clearly collapse currently early given main next oil paranoia price pumping threatens
Given the paranoia of the cartel that it is currently pumping too much oil and that this threatens a price collapse early next year, caution will clearly be the main watchword.
arabia believe further move prices reason word
Without any further word from Saudi Arabia about production, ... there is no reason to believe that we won't see prices move higher.
circumstance consider far normal raising soon
Under normal circumstances, it would be far too soon for OPEC to consider raising production, but these are exceptional circumstances,
clearly however risk small
There is clearly a risk that this is going to happen, however small that risk may be,
oil plan proposals regard slammed
The plan has been slammed by environmentalists and some commentators who regard the proposals as a handout to the oil industry.
disruption further physical response review specific supply
We have responded to a very specific physical supply disruption and we will review that response as we go further forward.
crude fact market north output physical problem sea shows supply supporting tight
The fact that the North Sea output problem is supporting the market really shows how tight the physical crude supply is.